Comment 30016

By beancounter (registered) | Posted April 07, 2009 at 23:37:00

Perhaps what we need is some sensible regulations to restrain the actions of central banks, especially the Federal Reserve System.

Much has been said during the current economic "meltdown" about the failure of laissez-faire capitalism. One has to ask though what central planning has to do with a laissez-faire econonomic system. Central planning is what a central bank does. I don't need to list the countries which used central economic planning that resulted in a great deal of deprivation and suffering for their populations.

At least the former communist countries' central planning was done at the behest of their governments. In the U. S. monetary policy is set by a consortium of private banks with only the chairman appointed by the government.

President Woodrow Wilson signed the Federal Reserve Act but later realized his mistake and said "...what have I done?"

Henry Ford said "It's a good thing the average folks don't know anything about the financial system in this country or we would have a revolution next Monday."

Ron Paul, a former presidential candidate, has spoken and written extensively about the Fed and has advocated its abolition. Perhaps we should seriously consider this solution and restore a system of real, honest and sound money, instead of money that is created out of thin air.

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